Our year end is Oct. 31st and when entering invoices in AP that are dated Nov 2nd we get the following error,
"Ledger fiscal period for date assigned is closed, do you wish to continue with a date in a closed period." Yes or No.

Since new fiscal periods are not set up in our ledger as of yet, is this what this means? Do we need to set up are next year before we can put the November 2010 invoices in AP? If so what is the procedure?

Gail:
Yes, you are receiving the warning because the new fiscal year is not open yet in the GL.

No, you don't have to set up the new year in the GL to enter AP transactions (just respond "Yes" to the question). However if you want to get rid of the warning, set up the new year.

To set up the new fiscal year:
-Go to the GL
-Select Maintenance from the top menu bar
-Then select "Create next fiscal year"
-If you use Budgets and you want to start with blank budgets, put a check-mark on "Clear budget amounts"
-Click on the "Proceed" button.

Thank You